Pryce Corporation Reported P1.32 Billion in Net Income in H1-2024, Up by 61%

Pryce Corporation (PPC) achieved an increase in its net income by 61% for the first half of the year 2024 (H1-2024), from last year’s P819.68 million to this year’s P1.32 billion. PPC’s H1-2024 consolidated revenues, however, was flat at this year’s P9.54 billion compared to last year’s P9.58 billion.

Despite the flattish consolidated revenues, PPC’s gross profit still went up by 29%, from last year’s P2.31 billion to P2.98 billion this year, which can be attributed to the improvement of LPG margins in Luzon. PPC’s income from operations went up by 49% from P1.12 billion to P1.66 billion. Consequently, net income rose by 61% to a company record high of P1.32 billion for a semester.

​On contributions to consolidated revenues for H1-2024, the business segments of PPC contributed as follows: LPG business contributed P8.96billion or 93.86%; industrial gases provided P425.92 million or 4.46%, real estate and interment service fees pitched in an aggregate of P136.65 million or 1.43%; and pharmaceutical products at P22.98 million or 0.24%. Earnings per share rose by 63%, from last year’s P0.395 to P0.642.

Pryce Corporation is a property holding and real estate development company incorporated on September 7, 1989. It has two subsidiaries: Pryce Gases, Inc. (PGI) and Pryce Pharmaceuticals, Inc. (PPhI). PGI's business is in the importation and distribution of liquefied petroleum gas (LPG) as well as the manufacturing and marketing of industrial gases. PPhI is a wholesaler and distributor of private branded multi-vitamins and some 'over-the-counter' generic drugs; it is a new subsidiary wherein PC bought 75% of common shares in July 2015.